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NOTE 9 – DERIVATIVE LIABILITIES | 9 Months Ended
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Sep. 30, 2023
Note 9 Derivative Liabilities |
NOTE 9 – DERIVATIVE LIABILITIES | NOTE 9 – DERIVATIVE LIABILITIES Fair Value Assumptions Used in Accounting for Derivative Liabilities ASC 815, “Derivatives and Hedging,” requires we assess the fair market value of derivative liabilities at the end of each reporting period and recognize any change in the fair market value as other income or expense. The Company determined our derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of September 30, 2023. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk-free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. For the nine months ended September 30, 2023 and year ended December 31, 2022, the estimated fair values of the liabilities measured on a recurring basis are as follows:
|  |  | Nine months ended |  |  |  | Year ended |
|  |  | September 30, |  |  |  | December 31, |
|  |  | 2023 |  |  |  | 2022 |
Expected term |  |  | 0.00 - 0.75 years |  |  |  | 0.75 - 1.49 years |
Expected average volatility |  |  | 18% - 187% |  |  |  | 83% - 152% |
Expected dividend yield |  |  | — |  |  |  | — |
Risk-free interest rate |  |  | 4.67% - 5.55% |  |  |  | 0.06% - 4.73% |
The following table summarizes the changes in the derivative liabilities during the nine months ended September 30, 2023:
Fair Value Measurements Using Significant Observable Inputs (Level 3)
Balance - December 31, 2022 |  | $ | 1,357,787 |
Settled on issuance of common stock |  |  | (975,939 | )
Change in fair value of the warrant |  |  | (381,848 | )
Balance - September 30, 2023 |  | $ | — |
The following table summarizes the change in fair value of derivative liabilities included in the income statement for the nine months ended September 30, 2023 and 2022, respectively.
|  | Nine months ended
|  | September 30,
|  | 2023 |  | 2022
Addition of new derivatives recognized as loss on derivatives |  | $ | — |  |  | $ | — |
Revaluation of derivative liabilities |  |  | (381,848 | ) |  |  | — |
(Gain) on change in fair value of derivative liability |  | $ | (381,848 | ) |  | $ | — |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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